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1. BUS 475 Final Exam Guide
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2. BUS 475 Final Exam Guide 2
1) The cost principle requires that when assets are acquired, they be recorded
at __________.
2) "Generally accepted" in the phrase generally accepted accounting principles
means that the principles
3) The standards and rules that are recognized as a general guide for financial
reporting are called __________.
4) Sam's Used Cars uses the specific identification method of costing inventory.
During March, Sam purchased three cars for $6,000, $7,500, and $9,750,
respectively. During March, two cars are sold for $9,000 each. Sam determines
that at March 31, the $9,750 car is still on hand. What is Sam’s gross profit
for March?
5) Hess, Inc. sells a single product with a contribution margin of $12 per unit
and fixed costs of $74,400 and sales for the current year of $100,000. How much
is Hess’s break even point?
6) As Plant Controller, you are trying to determine which costs over which you
have the most control on a day to day basis. Your goal is to achieve better
profitability. The Plant Operations Manager suggests that overhead is the
easiest area to directly reduce costs. Which of the following items would be
classified as manufacturing overhead?
7) What is the preparation of reports for each level of responsibility in the
company’s organization chart called?
8) Disney’s variable costs are 30% of sales. The company is contemplating an
advertising campaign that will cost $22,000. If sales are expected to increase
$40,000, by how much will the company's net income increase?
9) The cost of an asset and its fair market value are __________.
10) Which one of the following is a product cost?
11) What exists when budgeted costs exceed actual results?
12) The income statement and balance sheet columns of Pine Company's worksheet
reflects the following totals:
Income Statement Balance Sheet
Dr. Cr. Dr. Cr.
Totals $58,000 $48,000 $34,000 $44,000 Closing entries are
necessary for __________.
13) Managerial accounting __________.
14) H55 Company sells two products, beer and wine. Beer has a 10 percent profit
margin and wine has a 12 percent profit margin. Beer has a 27 percent
contribution margin and wine has a 25 percent contribution margin. If other
factors are equal, which product should H55 push to customers?
15) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.
16) Maurice receives $100 as a birthday gift. In deciding how to spend the
money, he narrows his options down to four choices: Option A, Option B, Option
C, and Option D. Each option costs $100. Finally he decides on Option B. The
opportunity cost of this decision is __________.
17) A production possibilities frontier will be a straight line if __________.
18) In economics, the cost of something is __________.
19) A tax on an imported good is called a __________.
20) Which of the following statements about GDP is correct?
21) In computing GDP, market prices are used to value final goods and services
because __________.
22) Which of the following statements about GDP is correct?
23) Which of the following is not correct?
24) The part of the balance of payments account that lists all long-term flows
of payments is called the:
25) Edward Prescott and Finn Kydland won the Nobel Prize in Economics in 2004.
One of their contributions was to argue that if a central bank could convince
people to expect zero inflation, then the Fed would be tempted to raise output
by increasing inflation. This possibility is known as __________.
26) In general, the longest lag for __________.
27) Consider two items that might be included in GDP: (1) The estimated rental
value of owner-occupied housing; and (2) purchases of newly-constructed homes.
How are these two items accounted for when GDP is calculated?
28) Managers will utilize __________ skills with increasing frequency as they
rise within an organization.
29) Which of these represent skills that managers need?

3. 30) Building a dynamic organization is another way of describing which function
of management?
31) Your roommate is interested in starting a business and everybody has been
giving him different information about being an entrepreneur. Since you have
been studying about entrepreneurship and new ventures, which of these would you
tell him is true?
32) The term used to refer to all kinds of differences including religious
affiliation, age, disability status, economic class and lifestyle in addition to
gender, race, ethnicity and nationality is:
33) A manager's ability to stimulate people to be high performers is referred to
as:
34) A series of quality standards developed by a committee working under the
International Organization for Standardization to improve total quality in all
businesses for the benefit of both producers and consumers is:
35) Japanese manufacturers' kaizen (continuous improvement) programs enable them
to maintain:
36) Listening to employee suggestions, gaining support for organizational
objectives and fostering an atmosphere of teamwork are all considered:
37) The basic components of an effective sexual harassment policy include the
following EXCEPT:
38) Teams that operate separately from the regular work structure and exist
temporarily are known as:
39) The Aquatic Center, Inc. periodically reviews the goals of the company.
During the process, The Aquatic Center managers analyze their current strategies
as compared to their competitors, determine goals that they will pursue and
decide upon specific actions for each area of the company to take in pursuit of
these goals. The Aquatic Center managers have been engaged in the management
function of:
40) As related to managing of human resources, diversity refers to:
41) __________ is the process of working with people and resources to accomplish
organizational goals.
42) Twelve randomly-chosen students were asked how many times they had missed
class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1,
5, 18. For this sample, the median is _____.
43) Use the following table to answer question: P(S | W) is approximately _____.
44) Use the following table to answer question: P(M A) is approximately _____.
45) Dullco Manufacturing claims that its alkaline batteries last forty hours on
average in a certain type of portable CD player. Tests on a random sample of 18
batteries showed a mean battery life of 37.8 hours with a standard deviation of
5.4 hours. In determining the p-value for reporting the study's findings, which
of the following is true?
46) William used a sample of 68 U.S. cities to estimate the relationship between
Crime (annual property crimes per 100,000 persons) and Income (median income per
capita). His estimated regression equation was Crime = 428 + .050 Income. Which
outcomes would be likely in a bivariate regression on 45 randomly chosen U.S.
cities in 2005 with
Y = number of robberies in each city (thousands of robberies) and
X = size of police force in each city (thousands of police)?
A. High R2 (due to city size). B. Positive slope (due to city size).
C. No correlation. D. Autocorrelation.
47) Twelve randomly-chosen students were asked how many times they had missed
class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1,
5, 18. For this sample, which measure of central tendency is least
representative of the “typical” student?
48) Likely reasons for inaccurate control limits would include which of the
following?
Max P = $20X + $30Y
and constraints of:
3X + 4Y = 24 (Constraint A)
5X – Y = 18 (Constraint B)
50) A project has three paths. A–B–C has a length of 25 days. A–D–C has a
length of 15 days. Finally, A–E–C has a length of 20 days. Which one of the
following statements is TRUE?
51) Which one of the following statements concerning production and staffing
plans is best?

4. 52) While glancing over the sensitivity report, you note that the stitching
labor has a shadow price of $10 and a lower limit of 24 hours with an upper
limit of 36 hours. If your original right hand value for stitching labor was 30
hours, you know that:
53) The costs of delivering products in the _____ channel are much higher than
delivering products in the _____ channel.
54) When customers access a Web site and make purchases, they generate
__________.
55) _____ is the integration of economic, social, cultural, and ecological
facets of life, enabled by information.
56) Various organizations that promote fair and responsible use of information
systems often develop __________.
57) What is _____ is not necessarily _____.
58) _____ provides users with a view of what is happening, where _____ addresses
why it is happening.
59) Computer support is greatest for which of the following problems?
60) The management cockpit best exemplifies which type of system?
61) _____ is the efficient and effective execution of specific tasks.
62) Geocoding is __________.
63) At 8% compounded annually, how long will it take $750 to double?
64) Which of the following represents an attempt to measure the earnings of the
firm’s operations over a given time period?
65) A machine costs $1,000, has a three-year life, and has an estimated salvage
value of $100. It will generate after-tax annual cash flows (ACF) of $600 a
year, starting next year. If your required rate of return for the project is
10%, what is the NPV of this investment? (Round your answerwer to the nearest
$10.)
66) Disadvantages of using current liabilities as opposed to long-term debt
include:
67) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70
per share. If the stock is currently selling for $21.25 per share, what is the
expected rate of return on this stock?
68) Which of the following is most consistent with the hedging principle in
working capital management?
69) An increase in future value can be caused by an increase in the __________.
70) If the quote for a forward exchange contract is greater than the computed
price, the forward contract is:
71) Your company is considering an investment in a project which would require
an initial outlay of $300,000 and produce expected cash flows in Years 1 through
5 of $87,385 per year. You have determined that the current after-tax cost of
the firm’s capital (required rate of return) for each source of financing is as
follows:
Cost of debt 8%
Cost of preferred stock 12%
Cost of common stock 16%
Long-term debt currently makes up 20% of the capital structure, preferred stock
10%, and common stock 70%. What is the net present value of this project?
72) Suppose you determine that the NPV of a project is $1,525,855. What does
that mean?
73) The common stockholders are most concerned with:
74) PepsiCo calculates unlevered betas for each peer group in order to:
75) Which of the following best represents operating income?
76) In comparison to the buying of final consumers, the purchasing of
organizational buyers:
77) The basic objective of the U.S. market-directed economic system is to:
78) Comparing GDP for foreign countries can help a marketing manager evaluate
potential markets if the manager remembers that:
79) A firm's "marketing mix" decision areas would NOT include:
80) __________ is a marketing management aid which refers to how customers think
about proposed and/or present brands in a market.
81) The "four Ps" of a marketing mix are:
82) When evaluating macro-marketing:
83) A cluster analysis of the "toothpaste market" would probably show that:
84) Clustering techniques applied to segmenting markets __________.
85) The three basic tasks of ALL managers, according to the text, are:

5. 86) The difference between target marketing and mass marketing is that target
marketing:
does.
87) When one considers the strategy decisions organized by the four Ps, branding
is related to packaging as:
88) Which of the following statements is not true under the Fair Labor Standards
Act?
89) Probable cause is most directly associated with which step of the criminal
process?
90) Which of the following statements is generally not true about state
intermediate appellate courts?
91) Which of the following terms need not be disclosed under Truth-in-Lending
Act?
92) Which of the following activities by an administrative agency requires
public notice and participation?
93) Which of the following is not one of the Caux Round Table Principles for
International Business?
94) The theory of business social responsibility that holds that a business owes
duties solely to produce the highest return for its shareholders is:
95) Which social responsibility theory has been advocated by Novel Prizewinning
economist Milton Friedman?
96) Which of the following lists, in descending priority, of sources considered
by most courts in settling questions of international law?
97) If the value of the collateral is less than the debt owed to the secured
party, then:
98) One study found that manufacturing labor costs about _____ an hour in China,
compared to _____ dollars in the United States.
99) Which country does the text describe as becoming the largest producer and
consumer of many of the world's goods?
100) Although the U.S. has had a longstanding agreement with _____ after the
passage of NAFTA, _____ became the United States' second largest trading
partner.